UPDATE 1-Lazard's asset management powers profit beat

Asset management revenue rose 19 percent to a record of $315.47 million in the quarter.

Lazard has been building out its asset management offering to diversify its revenue stream, and the business now accounts for half of its total revenue up from 40 percent at the end of last year.

Assets under management as of Sept. 30 was a record $238 billion, up 6 percent from the second quarter.

Lazard’s revenue from financial advisory fell 11 percent to $306 million even as its market share increased to 13.5 percent from 10.3 percent for completed deals among major advisers globally in the quarter.

Net income attributable to the company fell 3 percent to $109.21 million as expenses rose.

Adjusted earnings were 85 cents per share and handsomely beat analysts’ estimate of 75 cents per share, according to Thomson Reuters I/B/E/S.

Total operating revenue rose 2.6 percent to $627 million and beat estimates of $593.30 million.

Lazard shares were not trading premarket. They have risen about 13 percent this year, just shy of outperforming the S&P 500 index’s 14 percent increase. (Reporting by Sweta Singh in Bengaluru; Editing by Anil D’Silva and Supriya Kurane)